This article was originally sent yesterday evening.
On July 2, 2024, Tederic Machinery publicly issued 338 million yuan of convertible corporate bonds, referred to as "Tederic Convertible Bonds", with the bond code "113686".
According to the latest stock price: 8.19 yuan, conversion price: 8.29 yuan, and the terms of the conversion bond, the conversion value: 98.79 yuan, the net debt value: 90.64 yuan, the guaranteed price: 120.3 yuan, the annual return of the bond: 3.18%, AA-rated.
The terms of the issue are the finishing touch
Interest and redemption price: 0.30% in the first year, 0.50% in the second year, 1.00% in the third year, 1.50% in the fourth year, 2.00% in the fifth year, 2.50% in the sixth year, redemption price: 115 yuan. Higher.
Forced redemption condition: During the conversion period, the closing price of the underlying stock is not less than 130% of the conversion price for at least 15 of the 30 consecutive trading days. So so.
Conditions for downward revision of the conversion price: During the duration of the underlying stock, the closing price of the underlying stock is lower than 85% of the conversion price for at least 15 of the 30 consecutive trading days. After the downward revision, the conversion price shall not be less than the net assets per share. So so.
Buyback condition: During the last 2 interest-bearing years of maturity, the closing price of the underlying stock for any 30 consecutive trading days is less than 70% of the current conversion price. The buyback price is the face value plus current interest. So so.
Company fundamentals
The company is one of the major suppliers of injection molding machines in China. According to the latest results of the 2023 China Plastic Injection Molding Machine Industry Advantage Enterprise released by the China Plastics Machinery Industry Association, the company's revenue and net profit in 2022 ranked fourth in the industry.
There is no subdivision of industry to benchmark the conversion of bonds. The company also makes die-casting machines for new energy vehicles, with an integrated die-casting concept, and the benchmarking bonds are: Chervon Convertible Bonds, Shunbo Convertible Bonds, and Jinfei Convertible Bonds.
Operational performance
The company's recent performance has declined slightly.
Valuation
Based on the latest results and the latest return on equity of 5.62%, the static valuation P/E ratio of Tederic Machinery is 31.26 times, the price-to-book ratio is 1.71 times, and the growth valuation PEG is 5.56.
Referring to the valuation of convertible bonds with similar size, rating and conversion value, it is conservatively estimated to be reasonably positioned around 126 yuan, that is, the profit of each winning bond is 260 yuan.
Assuming that the original shareholders have a preemptive subscription of 70%~90% and an online subscription of 8 trillion, it is predicted that the probability of winning a lot in a full subscription is: 0.4%~1.3%, about 118 households will win a lot.
The convertible bonds with a par value of 1.147 yuan per share will be placed, and the proportion of the stock market value including the preferential allotment right of convertible bonds will be 14%, that is, 600 shares will be bought, and the market value of 4914 yuan will be allocated 1 lot.
According to the positioning of the convertible bond listing, if the current stock price remains unchanged, the investors who grabs the right to place will get a yield of 3.64%.
For the first-hand party, the placement yield rose to 5.29%.
Comprehensive evaluation
The company's recent performance has declined slightly, with a high static valuation and a high growth valuation.
The value of the debt-to-equity swap is around par value, the rating is average, and the interest rate is high.
The overall 5-star rating is 4 stars (****).
For the views and principles of this article, please refer to "Value Convertible Bond Investment Strategy" (authors: Ning Yuanjun, Tang Bin).
Is there anything to look forward to? "Issuance, downward revision, interest payment, and delisting are coming", "Another default on convertible bonds", "1 convertible bond proposal is revised downward, and 6 convertible bonds are about to be satisfied", "Alert! 1 convertible bond is about to meet the redemption conditions" has been posted simultaneously on the WeChat public account, welcome to pay attention!
The relevant securities mentioned in this article do not constitute any investment advice, only for personal investment records and to share investment ideas, if netizens buy and sell according to the securities mentioned in the article, please bear your own risk!
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